Topic: KanoPool kano.is lowest 0.9% fee 🐈 since 2014 - Worldwide - 2432 blocks - page 705. (Read 5352367 times)

Thanks so much FireTreeActual.  Nice to have another respected opinion (mine is not by the way - I'm still learning).  It makes sense that BTC is not real because it all could be gone tomorrow with the wrong circumstances.  My accountant did tell me that tax/accounting issues are in their infancy and subject to a lot of change.  And as I mentioned, it is pretty hard for tracking to happen.  I have seen the exchanges starting to require more info, so I suspect moves are being made by the IRS to "collect" as much tax as they can. 

My feeling is that having a consistent approach and making an effort to report some income will go a long way to keeping "the man" from taking a heavy handed tax / penalty approach later on.  Could it be that mining is supposed to be reported as income as it occurs since the power would be written off?  If anyone is like me, my BTC holdings will most certainly go longer than the year it was mined. 

good stuff

As a former bank examiner, that's my understanding. While the US Treasury recognizes BTC as a currency, it is "virtual" until it's negotiated. That can be via buying online and paying via Bitpay, or exchanging to a bank. I report when I sell BTC to Bitpay to go on the debit card. While I don't wish to argue with someone's CPA, I think it's a bit ludicrous to try to figure a tax liability on something as volatile as BTC at ANY given point in time, and call it "tax debt." I know three people who actually work at IRS who have told me up front that the agency really doesn't have BTC...or any other coin...under even basic understanding. Their focus is collecting tax, and they want to get it at the earliest possible moment. We'll have to see, I guess.

Re knowing the various exchange rates...here's a good place.

https://bitpay.com/bitcoin-exchange-rates

I asked my accountant of almost 30 years and he shared the following document that I posted on our forum at minergain dot com under the MinerGain Forum › Getting Started With Crypto › Investing In Bitcoin, Ethereum and other AltCoins area.  It directly covers mining rewards as immediate income (power and equipment can be subtracted as costs of course).  It does seem that buying and selling the currency has a few more gray areas - which I have chosen to use the method Sierra8561 described for those.  I would post a link here but it would probably be removed.  

Also, you can sign up for a free account and add your kanopool api information under the pools section.  I do not have the miner monitoring happening yet, but the real time currency tracking has been active for about 2 weeks (current details shown on home page).  I have also brought in lifetime prices for BTC and ETH already.  Since my plan is to offer this is free forever, I am doing this in my spare time, so it is a little bit slow - but should be done well before the end of the year since I need it.  Once tracking is active, I will send an email to everyone who is registered.  I will also have an import of your kano rewards created soon as well since that is not shared via the API.

That's the way we've treated them as well...conversion only.  Otherwise it's just like a long-term stock gain, you are up on paper but haven't sold it to cash yet.

BTC is considered a commodity in the US I'm definitely not a accountant, but only claim BTC as income when converted to USD.

@minergain

A great idea, I've been going crazy tying to get all that together.
The IRS in the USA is no one you want to play games with.
Sign me up when you put it together.
Thank You for your effort.

Chili

@minergain.com

Good idea. I would like BTC and ZEC.

I’d love something like that for BTC and LTC

this is a good project  .  many people could need that list

Love getting those overnight blocks!

Yeah for waking up to a block this morning.  If my daily math calculations are right (which is actually through the end of 11/24), we are at .00020386 BTC per Day per TH which is 29% better than last month even though we are about 1/5th the size.

I have a question for anyone willing to share.  According to the US Tax Authorities, blocks should be reported as income when they are earned or when they are paid (your choice as long as it is consistent).  Although this obviously is hard for anyone to track, but I am going to report this to reduce the chance of issues with my other crypto investments that is harder to report (little piggy is cute / big piggies get slaughtered).

As part of that, I am building in historical prices so any of us can import rewards and the system will give you the US dollar (tether) value based on the average price for the day it was found.  Going forward, it will have up to the minute BTC prices.  I am going to build in international currency tables as well and would like to know which currencies people have interest in and how far back I should go.  I have a data source that will give daily values for 166 currencies going forward.  I have another with history for 2017 for these currencies: AUD, BRL, CAD, CNY, EUR, HKD, INR, IDR, JPY, MYR, MXN, NZD, NOK, PEN, RUB, SAR, SGD, ZAR, KRW, SEK, CHF, TWD, THB, TRY, GBP, USD, VND.  

First off, is anyone interested in this at all?  Secondly, would you like a currency other than these?  Third, does anyone need this data before 2017?

What's up since last month ?
Always low Hashrate, people leave the pool 

No fee for now...

Thanks, will check it out!

Yay! 2 blocks and 2 fat payments received! Thank you fellow miners! Mine on!

If you dont want to drill holes in walls and run network cable to your bedroom..    There is another way thats less intrusive and also moveable if you change your mind on were you want to locate your miner. 
Powerline AV Ethernet Adapters work very well with up to a few miners on them.   here is an example of one simuler to mine that I use to get networking out to my detached garage and have had 3 S9's and an S7 miners running through a network switch then into the adapter and no bandwidth problems at all.


https://www.netgear.com/home/products/networking/powerline/xavb1301.aspx 

A black Friday block for Kano pool!
Lets hope this trend continues! It would be nice to have a little extra in the winter solstice/Christmas/New Years stocking.
Gotta figure a way to get a miner into my bedroom as it is a bit chilly in their now. Power I have, network, well, I may have to get the drill out and make a hole in the floor, .

Block! by miner3311
Welcome to the acclaim board

Nope wont work.
That thing mines scrypt, whereas BTC is (double)sha256

You need a Canaan A7/A8 or a Bitmain S9

Haha correct it is very sexty Turkey on the table for us enjoy Thanksgiving's day.
And any idea if I connect my L3+ to Kano pool to mine bitcoin haha. ANyone tried this funny things